DDM Analysis: BELE.ST

Valuation Snapshot

Stable Growth	$95.68 - $164.15	$125.27
Multi-Stage	$105.78 - $115.97	$110.78
Blended Fair Value	$118.03
Current Price	$125.40
Upside	-5.88%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	0.00%	-10.29%	0.50	0.00	0.00	0.49	0.00	0.00	0.82	0.82	0.82	0.82
YoY Growth	-	-	0.00%	0.00%	-100.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.70%	-44.45%
Dividend Yield	-	-	0.51%	0.00%	0.00%	1.21%	0.00%	0.00%	2.44%	1.87%	1.56%	1.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	215.88
(-) Cash Dividends Paid (M)	14.42
(=) Cash Retained (M)	201.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	43.18	26.98	16.19
Cash Retained (M)	201.46	201.46	201.46
(-) Cash Required (M)	-43.18	-26.98	-16.19
(=) Excess Retained (M)	158.28	174.48	185.27
(/) Shares Outstanding (M)	28.95	28.95	28.95
(=) Excess Retained per Share	5.47	6.03	6.40
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	5.47	6.03	6.40
(=) Adjusted Dividend	5.97	6.53	6.90
WACC / Discount Rate	8.92%	8.92%	8.92%
Growth Rate	2.53%	3.53%	4.53%
Fair Value	$95.68	$125.27	$164.15
Upside / Downside	-23.70%	-0.10%	30.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	215.88	223.49	231.37	239.53	247.97	256.71	264.42
Payout Ratio	6.68%	23.34%	40.01%	56.67%	73.34%	90.00%	92.50%
Projected Dividends (M)	14.42	52.17	92.57	135.74	181.85	231.04	244.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.92%	8.92%	8.92%
Growth Rate	2.53%	3.53%	4.53%
Year 1 PV (M)	47.44	47.90	48.36
Year 2 PV (M)	76.53	78.03	79.54
Year 3 PV (M)	102.04	105.06	108.13
Year 4 PV (M)	124.30	129.22	134.28
Year 5 PV (M)	143.59	150.73	158.15
PV of Terminal Value (M)	2,568.36	2,696.08	2,828.83
Equity Value (M)	3,062.24	3,207.00	3,357.29
Shares Outstanding (M)	28.95	28.95	28.95
Fair Value	$105.78	$110.78	$115.97
Upside / Downside	-15.64%	-11.66%	-7.52%

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Beijer Electronics Group AB (publ) (BELE.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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